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ICOBS 6A.3 Cross-selling

Requirements where insurance is the primary product

ICOBS 6A.3.1 R

1When offering a non-insurance ancillary product or service as part of a package or the same agreement with an insurance product, a firm must:

  1. (1)

    inform the customer whether it is possible to buy the different components separately and, if so must provide the customer with an adequate description of:

    1. (a)

      the different components;

    2. (b)

      where applicable, any way in which the risk or insurance coverage resulting from the agreement or package differs from that associated with the components taken separately; and

  2. (2)

    provide the customer with separate evidence of the costs and charges of each component.

[Note: articles 24(1) and (2) of the IDD]

Requirements where insurance is the ancillary product

ICOBS 6A.3.2 R

1When offering an insurance product ancillary to and as part of a package or in the same agreement with a non-insurance product or service, a firm must offer the customer the option of buying the non-insurance goods or services separately.

ICOBS 6A.3.3 R

1 ICOBS 6A.3.2R does not apply where the non-insurance product or service is any of the following:

  1. (1)

    investment services or activities;

  2. (2)

    a credit agreement as defined in point 3 of article 4 of the MCD which is:

    1. (i)

      an MCD credit agreement; or

    2. (ii)

      an exempt MCD credit agreement; or

    3. (iii)

      a CBTL credit agreement; or

    4. (iv)

      a credit agreement referred to in articles 72G(3B) and (4) of the Regulated Activities Order;

  3. (3)

    a payment account as defined in regulation 2(1) of the Payment Accounts Regulations.

[Note: article 24(3) of the IDD]


ICOBS 6A.3.4 R

1This section does not prevent the distribution of insurance products which provide coverage for various types of risks (multi-risk insurance policies).

[Note: article 24(5) of the IDD]

ICOBS 6A.3.5 G

1In addition to the rules in ICOBS 6A.3 firms should still comply with the other rules in ICOBS relating to the offer and sale of insurance products that form part of the package or agreement, such as those applying to price disclosure (ICOBS 6.1.13R), optional additional products (ICOBS 6A.2) and specifying the demands and needs of the customer (ICOBS 5.2.1R).

[Note: article 24(6) of the IDD]